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3. Sundora is an e-commerce beauty platform in Bangladesh which mainly sells imported fragrances. Data regarding the store's operations follow: Sales are budgeted at $350,000 for November, $320,000 for December, and $300,000 for January Collections are expected to be 80% in the month of sale, 16% in the month following the sale, and 4% remains uncollectible. The October ending balance in the accounts receivable account is $78,000. The October ending balance in the accounts payable account is $254,000. The company expects to pay $332,000 in November, $308,000 in December and 310,000 in January for the merchandise purchases. Other monthly expenses for labor, selling and administrative are $51,900. Monthly depreciation is $20,000. The company plans to purchase equipment in December which will cost $25,000. Sundora's policy is to maintain $30,000 cash balance at the end of each month. End of November Cash Balance was $50,000. Required: a) Prepare a Schedule of Expected Cash Collections for November and December. (7) b) Prepare a Cash Budget for the month of December. (8)